Existing Home Sales Rise 3.04%

Sales of existing homes jumped 3.04% in January from the previous month as the housing market continued to roar and set new records.The national median sale price of an existing home rose 6.7% in January to $160,400. According to sales data compiled by the National Association of Realtors, existing home sales climbed to an annualized, record setting pace of 6.09 million units in January compared to 5.91 million units in December and 5.96 million units in January of 2002. "Real estate is a safe haven for investors, for households," said NAR economist David Lereah. Mr. Lereah expects home sales to remain strong throughout the year. In terms of dollars and cents, existing homes sales have a value of $1.268 trillion. NAR believes that historically low interest rates, weak equities markets, and concern over a possible war in Iraq are all fueling the record home buying activity.